Palm Harbor Commercial Building For
For Sale
Contact for pricing
660 Alderman Rd, Palm Harbor, FL 34683
Commercial building with redevelopment potential in Palm Harbor, Florida.
Property Size3,528 SF
Lot Size0.55 Acres
Price / SF$340.14
Days on Market162
Property Features for 660 Alderman Rd
General Information
Standard status
Active
Size
3,528 SF
Class
B
Total Parking Spaces
30
Lot size
0.55 Acres
Property subtype
Retail
Zoning
C-2`
Occupancy
100%
Lease Type
NNN
Investment Type
Net Lease
Net Operating Income
$81,000
Building Details
Year Built
1986
Year Renovated
2016
Buildings
1
Units
1
Listing Agency:
Foresight Property Services LLC
Listed By:
Manny Konstantinidis · License #SL3327653
Source:
Crexi
Added: Mar 3
Changed: Aug 10
Last Checked: Aug 12 at 10:55AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Foresight Property Services LLC
Investment Insights
Based on property information with market context.
Located in Palm Harbor, the property at 660 Alderman Road presents an investment opportunity with both near-term income and long-term redevelopment potential. The site features a 3,528 square foot commercial building on a 23,958 square foot parcel. The property is currently occupied by a long-standing tenant under a NNN lease since 2008, which runs through October 2026. The lease generates $80,915.88 in annual base rent. The tenant has expressed interest in extending the lease. Zoned C-2, the property allows for a wide range of commercial uses and is positioned for future redevelopment as the surrounding Palm Harbor market continues to strengthen. The property benefits from visibility along Alderman Road, convenient access, ample on-site parking, and a well-maintained building. This property offers a flexible commercial asset in a Pinellas County submarket with multiple paths to value creation.
Key Highlights
- NNN lease in place through October 2026 generating $80,915.88 annual base rent.
- Zoned C‑2, allowing for a wide range of commercial uses.
- Long‑standing tenant since 2008 with expressed interest in extending the lease.
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$34,636
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
2.89%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$692,720
$692.7K
Cap Rate 7%
$494,800
$494.8K
Cap Rate 9%
$384,844
$384.8K
Market Conditions
NOI Build-Up for 3,528 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$52.9K $15.00/SF
− Vacancy
−$3.4K −$0.98/SF
EGI
$49.5K $14.03/SF
− OpEx
−$14.8K −$4.21/SF
NOI
$34.6K $9.82/SF
Area
Pinellas County, FL
Vacancy
6.50%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$692,720
Cap Rate 7%
$494,800
Cap Rate 9%
$384,844
Alternative Uses
Best Use
Retail
$494.8K
$433.0K – $577.3K
NOI $34,636 @ 7.0% cap · market cap 2.89%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$917.7K
$803.0K – $1.07M
NOI $64,236 @ 7.0% cap · market cap 5.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
157
Businesses Nearby
Explore this area
Business Placement
Demographics for 34683, FL
33,453
Population
15,686
Households
2.1
Avg Household Size
49
Median Age
43%
College-Educated
95%
High-School Grad
10.3 sq mi
ZIP Area
3,248
Density / Sq Mi
$90,037
Median Household Income
$53,330
Median Earnings
$1,655
Median Rent
$424,200
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - Commercial building with redevelopment potential in Palm Harbor, Florida.
Where is this retail space located?
The property is located at 660 Alderman Rd Palm Harbor, FL.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: NNN lease in place through October 2026 generating $80,915.88 annual base rent.; Zoned C‑2, allowing for a wide range of commercial uses.; Long‑standing tenant since 2008 with expressed interest in extending the lease.
